Conglomerates hunt for cash

Listed companies are using spin-offs and restructurings to find hidden value among existing assets and the trend isn't over yet.

During the past 18 months, a big portion of the equity capital markets transactions in Asia has been driven by corporate restructurings, aimed at uncovering hidden value and allowing companies and their controlling shareholders to raise cash.

The reasons and ways of execution vary from case to case, but what links these deals is that issuers are using their existing platforms in some fashion to tap the market.

The listing by introduction of Swire Pacific's property unit, the restructuring of Taiwan Broadband Communications from a portfolio asset into a listed business trust, Great Eagle's recent spin-off of part of its hotel assets through a trust and SM...

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